<PAGE>   1


                             UNITED STATES
                   SECURITIES AND EXCHANGE COMMISSION
                        Washington, D. C. 20549


                               FORM 10-Q

     (Mark one)
     [ X ]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                 OF THE SECURITIES EXCHANGE ACT OF 1934

           For the quarterly period ended September 30, 1996

                                   OR

     [   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                 OF THE SECURITIES EXCHANGE ACT OF 1934

            For the transition period from ______ to ______

                     Commission File Number 0-19829

                         CALUMET BANCORP, INC.
         (Exact name of registrant as specified in its charter)

            DELAWARE                                 36-3785272
  (State or other jurisdiction of                   (IRS Employer
  incorporation or organization)                Identification Number)

        1350 EAST SIBLEY BOULEVARD, DOLTON, ILLINOIS       60419
         (Address of principal executive offices)        (Zip Code)

                             (708) 841-9010
          (Registrant's telephone number, including area code)

Indicate by check mark whether Registrant (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.   Yes  X  No
                                         ---    ---

As of November 8, 1996, the Company has 2,377,078 shares of $0.01 par value
common stock issued and outstanding.

<PAGE>   2

                     PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS                                           PAGE NO.

         Consolidated Statements of Financial Condition
         as of September 30, 1996 and December 31, 1995                    3

         Consolidated Statements of Income
         for the three months ended September 30, 1996 and 1995,
         and for the nine months ended September 30, 1996 and 1995         4

         Consolidated Statements of Cash Flows
         for the nine months ended September 30, 1996 and 1995             5

         Consolidated Statements of Stockholders' Equity
         for the nine months ended September 30, 1996 and 1995             7

         Notes to Consolidated Financial Statements                        8

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS                               9


                      PART II - OTHER INFORMATION

ITEM 1 - LEGAL PROCEEDINGS                                                 14

ITEM 2 - CHANGES IN SECURITIES                                             14

ITEM 3 - DEFAULT UPON SENIOR SECURITIES                                    14

ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS               14

ITEM 5 - OTHER INFORMATION                                                 14

ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K                                  14


SIGNATURE PAGE                                                             16



                                       2
<PAGE>   3






CALUMET BANCORP, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
(Unaudited)           

<TABLE>
<CAPTION>

                                                                                   September 30,  December 31,
                                                                                       1996          1995     
                                                                                     --------      --------   
<S>                                                                                  <C>          <C>        
Assets:                                                                                                      
 Cash                                                                                $  3,156     $  2,616   
 Interest-bearing deposits                                                              7,412        6,041   
                                                                                     --------     --------   
     CASH AND CASH EQUIVALENTS                                                         10,568        8,657   
                                                                                                             
 Investment securities available-for-sale                                              57,746       68,153   
 Investment securities held-to-maturity                                                28,304       32,620   
 Loans receivable, net                                                                370,861      375,467   
 Investment in limited partnerships                                                    17,110       16,226   
 Real estate held for sale,                                                                                  
   acquired through foreclosure                                                         1,890        2,483   
 Office properties and equipment, net                                                   4,291        4,267   
 Other assets                                                                           2,009        1,655   
                                                                                     --------     --------   
   TOTAL ASSETS                                                                      $492,779     $509,528   
                                                                                     ========     ========   
Liabilities:                                                                                                 
 Deposits                                                                            $368,332     $362,922   
 Federal Home Loan Bank advances                                                       36,850       55,140   
 Advance payments by borrowers for                                                                           
   taxes and insurance                                                                  1,834        3,058   
 Income taxes                                                                              --          529   
 Miscellaneous liabilities                                                              6,180        3,769   
                                                                                     --------     --------   
   TOTAL LIABILITIES                                                                  413,196      425,418   
                                                                                                             
Stockholders' Equity:                                                                                        
Preferred stock, $.01 par value,                                                                             
   2,000,000 shares authorized                                                             --           --   
Common stock, $.01 par value,                                                                                
   4,200,000 shares authorized                                                                               
   3,614,341 and 3,599,372 shares issued and outstanding                                   36           36   
Additional paid-in-capital                                                             35,071       34,665   
Retained earnings - substantially restricted                                           72,128       68,418   
Net unrealized gains (losses) on securities available-for-sale,                                              
   net of income tax (expense) benefit of $26 and $(217)                                  (59)         423   
Less: Unearned ESOP shares                                                               (990)      (1,414)  
   Stock held for management recognition plan                                            (171)        (273)  
   Treasury stock (1,237,313 and 926,494 shares)                                      (26,432)     (17,745)  
                                                                                     --------     --------   
   TOTAL STOCKHOLDERS' EQUITY                                                          79,583       84,110   
                                                                                     --------     --------   
   TOTAL LIABILITIES AND                                                                                     
   STOCKHOLDERS' EQUITY                                                              $492,779     $509,528   
                                                                                     ========     ========   
</TABLE>                                           



                                       3
<PAGE>   4
CALUMET BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data) 
(Unaudited)                                   
<TABLE>
<CAPTION>
                                                           Three months ended                         Nine months ended
                                                              September 30                               September 30
                                                       1996                 1995                  1996                 1995
                                               --------------------  -------------------  --------------------  -------------------
<S>                                            <C>                   <C>                  <C>                   <C>
Interest Income:
 Loans                                                       $8,076               $7,877               $24,552              $23,858
 Investment securities                                        1,540                1,761                 4,698                5,148
                                               --------------------  -------------------  --------------------  -------------------
 Total interest income                                        9,616                9,638                29,250               29,006
Interest Expense:
 Deposits                                                     4,606                4,533                13,749               12,385
 Federal Home Loan Bank advances                                621                  718                 1,955                2,416
                                               --------------------  -------------------  --------------------  -------------------
 Total interest expense                                       5,227                5,251                15,704               14,801
                                               --------------------  -------------------  --------------------  -------------------
 Net interest income                                          4,389                4,387                13,546               14,205
 Provision for losses on loans                                  200                  200                   600                  600
                                               --------------------  -------------------  --------------------  -------------------
 Net interest income after
   provision for losses on loans                              4,189                4,187                12,946               13,605
Other Income:
 Fees on loans sold                                              77                   58                   182                  297
 Loss on sale of real estate                                    (62)                 (27)                   (4)                (183)
 Gain (loss) on sale of securities                              (15)                  (4)                    5                  (83)
 Income from limited partnerships                               174                  147                 1,228                  185
 Insurance commissions                                           29                   60                   139                  190
 Other                                                          438                  165                   741                  530
                                               --------------------  -------------------  --------------------  -------------------
 Total other income                                             641                  399                 2,291                  936
Other Expenses:
 Compensation                                                 1,179                1,199                 4,065                4,033
 Occupancy                                                      319                  305                   966                  949
 Federal insurance premiums                                   2,528                  203                 2,951                  608
 Other general and administrative                               646                  622                 1,895                2,075
                                               --------------------  -------------------  --------------------  -------------------
 Total other expenses                                         4,672                2,329                 9,877                7,665
                                               --------------------  -------------------  --------------------  -------------------
 Income before income taxes                                     158                2,257                 5,360                6,876
 Income taxes                                                   (49)                 404                 1,650                2,133
                                               --------------------  -------------------  --------------------  -------------------
Net income                                                     $207               $1,853                $3,710               $4,743
                                               ====================  ===================  ====================  ===================
Earnings per share                                            $0.08                $0.63                 $1.39                $1.62
                                               ====================  ===================  ====================  ===================
</TABLE>


                                       4


<PAGE>   5
CALUMET BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)

<TABLE>
<CAPTION>

                      
                                                                    Nine months ended September 30
                                                                      1996                 1995
                                                               -------------------  -------------------
<S>                                                            <C>                  <C>
Operating Activities:
 Net income                                                                 $3,710               $4,743
 Adjustments to reconcile net income to
  net cash provided by operating activities:
  Provision for losses on loans                                                600                  600
  Provision for depreciation                                                   241                  245
  Amortization of deferred loan and commitment fees                           (769)                (701)
  Amortization and accretion of premiums and discounts                         180                  149
  Amortization and allocation of stock based benefits                          526                  526
  Loss (gain) on sales of securities                                            (5)                  83
  Equity loss (income) from limited partnerships                            (1,228)                (185)
  Loss (gain) on sales of real estate                                            4                  183
  Change in operating assets and liabilities:
   Decrease (increase) in interest receivable                                  184                  140
   Decrease (increase) in other assets                                         364                3,981
   (Decrease) increase in interest payable                                     (45)                 (99)
   (Decrease) increase in income taxes payable                                (373)                (999)
   (Decrease) increase in miscellaneous liabilities                          3,145                 (131)
                                                               -------------------  -------------------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                          6,534                8,535

Investing Activities:
 Investment securities available-for-sale:
  Purchases                                                                (26,600)             (24,080)
  Proceeds from sales                                                       32,888               11,810
  Maturities                                                                 2,000               13,700
  Repayments                                                                 1,397                2,439
 Investment securities held-to-maturity:
  Purchases                                                                     --               (5,005)
  Proceeds from sales                                                           --                   --
  Maturities                                                                    --                   --
  Repayments                                                                 4,138                2,384
 Principal and fees collected on loans                                      67,180               44,613
 Loans originated                                                          (58,516)             (46,452)
 Loans purchased                                                            (3,567)              (4,082)
 Originations of loans held for sale                                        (5,108)              (7,885)
 Cost of loans sold                                                          5,108                7,885
 Investments in limited partnerships                                        (3,387)              (3,100)
 Return of investment in limited partnerships                                2,387                3,276
 Proceeds from sales of real estate                                            289                  681
 Sales of office property and equipment                                         --                  109
 Purchases of office property and equipment                                   (265)                (204)
                                                               -------------------  -------------------
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES                         17,944               (3,911)
</TABLE>


                                       5


<PAGE>   6

CALUMET BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>

                                                                Nine months ended September 30
                                                                  1996                 1995
                                                           -------------------  -------------------
<S>                                                        <C>                  <C>
Financing Activities:
 Net increase (decrease) in demand and passbook accounts                 1,145               (4,814)
 Net increase (decrease) in certificates of deposit                      4,238               22,943
 Proceeds from Federal Home Loan Bank advances                          41,675               36,990
 Repayments of Federal Home Loan Bank advances                         (59,965)             (60,185)
 Net increase (decrease) in advance payments by
  borrowers for taxes and insurance                                     (1,224)                 580
 Purchase of treasury stock                                             (8,687)                (269)
 Net proceeds from exercise of stock options                               251                   31
                                                           -------------------  -------------------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                    (22,567)              (4,724)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                         1,911                 (100)
Cash and cash equivalents at beginning of period                         8,657                9,350
                                                           -------------------  -------------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                             $10,568               $9,250
                                                           ===================  ===================

Supplemental disclosures of cash flow information:
 Cash paid during the period for:
  Interest on deposits                                                 $13,722              $11,375
  Interest on Federal Home Loan Bank advances                            2,027                2,505
                                                           -------------------  -------------------
  Total interest paid                                                  $15,749              $13,880
                                                           ===================  ===================
  Income taxes                                                          $2,375               $3,132
                                                           ===================  ===================
Non-cash transactions:
 Loans transferred to real estate owned                                   $436               $1,165
 Loans and non-cash transfers to facilitate
  sales of real estate owned                                               685                  359

</TABLE>


                                       6


<PAGE>   7
CALUMET BANCORP, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Dollars in thousands)
(Unaudited)

<TABLE>
<CAPTION>

                                                                   Nine months ended September 30
                                                                     1996                 1995
                                                              -------------------  -------------------
<S>                                                           <C>                  <C>
Common stock:
 Beginning of period                                                          $36                  $36
 Proceeds of option stock issued                                               --                   --
                                                              -------------------  -------------------
 End of period                                                                 36                   36
                                                              -------------------  -------------------
Additional paid-in-capital:
 Beginning of period                                                       34,665               34,494
 Tax benefit of MRP deduction                                                 155                   --
 Proceeds of stock options exercised                                          251                   31
                                                              -------------------  -------------------
 End of period                                                             35,071               34,525
                                                              -------------------  -------------------
Retained earnings:
 Beginning of period                                                       68,418               62,453
 Net income                                                                 3,710                4,743
                                                              -------------------  -------------------
 End of period                                                             72,128               67,196
                                                              -------------------  -------------------
Unrealized gains and (losses) on securities
   available for sale:
 Beginning of period, net of income tax
   (expense) benefit of ($217) and $1,269                                     423               (1,953)
 Change in unrealized gains and (losses), net of
   income tax (expense) benefit of $243 and ($1,295)                         (482)               2,064
                                                              -------------------  -------------------
 End of period, net of income tax
   (expense) benefit of $26 and ($26)                                         (59)                 111
                                                              -------------------  -------------------
Less unearned ESOP shares:
 Beginning of period                                                       (1,414)              (1,980)
 Shares released                                                              424                  424
                                                              -------------------  -------------------
 End of period                                                               (990)              (1,556)
                                                              -------------------  -------------------
Less stock held for MRP:
 Beginning of period                                                         (273)                (410)
 Amortization                                                                 102                  102
                                                              -------------------  -------------------
 End of period                                                               (171)                (308)
                                                              -------------------  -------------------
Less Treasury stock:
 Beginning of period                                                      (17,745)             (14,354)
 Purchases                                                                 (8,687)                (269)
                                                              -------------------  -------------------
 End of period                                                            (26,432)             (14,623)
                                                              -------------------  -------------------
Total stockholders' equity                                                $79,583              $85,381
                                                              ===================  ===================
</TABLE>


                                       7


<PAGE>   8
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE A - BASIS OF PRESENTATION

     The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles ("GAAP")
for interim financial information and with the instructions to Form 10-Q and
Regulation S-X.  Accordingly, they do not include all of the information
required by GAAP for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary for fair presentation have been included.  The results of
operations for the three months and the nine months ended September 30, 1996
are not necessarily indicative of the results that may be expected for the year
ending December 31, 1996.  Certain 1995 amounts have been reclassified to
conform to 1996 presentation.  For further information, refer to the
consolidated financial statements and notes thereto included in the Calumet
Bancorp, Inc. (the "Company") Annual Report on Form 10-K for the year ended
December 31, 1995.

NOTE B - EARNINGS PER SHARE

     Earnings per share of Common Stock outstanding for the three months and
the nine months ended September 30, 1996 and 1995, respectively, have been
determined by dividing net income for the period by the weighted average number
of shares of common stock and common stock equivalents outstanding.  Common
stock equivalents assume the exercise of stock options and use of proceeds to
purchase Treasury Stock at the average market price for the period.  The
weighted average number of shares of common stock and common stock equivalents
outstanding used for this calculation were 2,518,744 and 2,925,141 for the
three months ended September 30, 1996 and 1995, and 2,676,777 and 2,924,529 for
the nine months ended September 30, 1996 and 1995, respectively.   The average
number of uncommitted (unearned) shares held for the Company's Employee Stock
Ownership Plan ("ESOP") and included in the weighted average shares outstanding
for these same periods were 106,088, 162,667, 120,233 and 179,170,
respectively.  Shares committed to be released to the ESOP are expensed during
the period based on original cost.

NOTE C - COMMITMENTS AND CONTINGENCIES

     At September 30, 1996, the Company had approved loan commitments totalling
$9.7 million to originate loans, $6.7 million to sell loans, $10.2 million in
undisbursed loans-in-process, $23.4 million in unused lines of credit, and $5.8
million in credit enhancement arrangements.  Commitments to fund loans and
those under credit enhancement arrangements have credit risk essentially the
same as that involved in extending loans to customers and are subject to the
Company's normal credit policies.


                                       8


<PAGE>   9
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

GENERAL

     Calumet Bancorp, Inc. (the "Company") completed its initial public
offering of Common Stock on February 20, 1992. It owns all of the outstanding
Common Stock of Calumet Federal Savings and Loan Association of Chicago (the
"Association"), a federally chartered stock savings and loan association which
operates five financial services offices in the Chicago area -- in Dolton,
Lansing, Sauk Village, and two in southeastern Chicago.  The Association owns
two first tier subsidiaries, Calumet Savings Service Corporation and Calumet
Residential Corporation, both wholly owned.  Calumet Residential Corporation
owns 51% of a second tier subsidiary, Calumet United Limited Liability Company.
Calumet Savings Service Corporation owns two second tier subsidiaries, Calumet
Mortgage Corporation of Idaho and Calumet Mortgage Corporation of New Mexico,
both wholly owned.  Calumet Mortgage Corporation of New Mexico was liquidated
as of August 1, 1996.

     The Company's business activities currently consist of investment in
equity securities, participation as a limited partner in real estate investment
and loan servicing partnerships, and operation of the Association.  The
Association's principal business consists of attracting deposits from the
public and investing these deposits, together with funds generated from
operations and borrowings, primarily in residential mortgage loans.  The
Association's deposit accounts are insured to the maximum allowable by the
FDIC.


     The Association's results of operations are dependent primarily on net
interest income, which is the difference between the interest income earned on
its loan and investment securities portfolios and its cost of funds, consisting
of interest paid on its deposits and borrowings.  The Association's operating
results are also affected by the sale of insurance, annuities and real estate
through its second tier subsidiaries, and to a lesser extent, loan commitment
fees, customer service charges and other income.  Operating expenses of the
Association are primarily employee compensation and benefits, equipment and
occupancy costs, federal insurance of accounts premiums and other
administrative expenses.  The Association's results of operations are further
affected by economic and competitive conditions, particularly changes in market
interest rates, government policies and actions of regulatory authorities.

     On September 30, 1996, President Clinton signed into law legislation for
the recapitalization of SAIF.  As a result of this legislation the Association
will incur a special, one-time assessment by the FDIC in the amount of $2.3
million, which was accrued at September 30, 1996 and will be paid during the
fourth quarter.  The special assessment reduces the Company's 1996 earnings by
approximately $0.60 per share after taxes.  Management expects that a reduction
in the FDIC assessment rate from 23 cents per $100 of deposits in 1996 to
approximately 6.5 cents per $100 of deposits in 1997 will significantly improve
future earnings.

                                       9


<PAGE>   10
FINANCIAL CONDITION

     Total assets decreased $16.7 million, or 3.28%, to $492.8 million at
September 30, 1996, from $509.5 million at December 31, 1995.  Net loans
receivable decreased $4.6 million, or 1.2%, to $370.9 million at September 30,
1996, from $375.5 million at December 31, 1995, with originations and purchases
of $62.1 million during the first nine months of 1996.

     The Company's lending activities have been concentrated primarily in
residential real estate secured by first liens.  At September 30, 1996,
approximately 57.2% of the Company's mortgage loans were secured by one-to-four
family residential properties, 15.5% by multifamily income producing
properties, and 27.3% by commercial properties and land.  At December 31, 1995,
these concentrations were 57.6%, 16.3%, and 26.1%, respectively.  At September
30, 1996, the Company's mortgage loan portfolio was geographically distributed
primarily in Illinois (34.5%), Colorado (26.6%), Idaho (18.5%), and New Mexico
(13.9%).  At December 31, 1995, these distributions were 37.2%, 28.0%, 16.7%,
and 11.5%, respectively.

     Deposits increased $5.4 million, or 1.5%, to $368.3 million at September
30, 1996, from $362.9 million at December 31, 1995.  These funds, together with
funds generated from operations and asset reductions, were used to pay down
Federal Home Loan Bank advances as they became due, reducing advances by $18.3
million, or 33.2%, to $36.9 million at September 30, 1996, from $55.1 million
at December 31, 1995.


     Stockholders' equity decreased $4.5 million, or 5.4%, to $79.6 million at
September 30, 1996, from $84.1 million at December 31, 1995.  The decrease came
primarily from treasury stock purchases of $8.7 million, offset by earnings of
$3.7 million, $932,000 in credits from employee benefit plans, and reduced by
$482,000 in net unrealized losses on securities.  During the first nine months
of 1996 the Company repurchased 310,819 shares of its stock at an average price
of $27.95 per share.  The Company has 2,377,028 shares of common stock
(including 99,015 unearned ESOP shares) outstanding on September 30, 1996, with
a book value of $33.48 per share.

ASSET QUALITY

     Non-performing loans decreased to $4.5 million, or 1.20% of total loans at
September 30, 1996, from $5.8 million, or 1.53% of total loans at December 31,
1995.  Non-performing assets decreased to $6.4 million, or 1.29% of total
assets at September 30, 1996, from $8.2 million, or 1.62% of total assets at
December 31, 1995.  The allowance for losses on loans increased to $5.5
million, or 122.43% of non-performing loans at September 30, 1996, from $4.9
million, or 84.58% of non-performing loans at December 31, 1995.  The allowance
for losses on loans increased to 1.47% of total loans at September 30, 1996,
from 1.30% of total loans at December 31, 1995.


                                       10


<PAGE>   11
RESULTS OF OPERATIONS

     The Company reported net income of $207,000 for the third quarter of 1996,
compared to $1.9 million net income for the third quarter of 1995.  The primary
reason for the decreased earnings for 1996 was the provision of $2.3 million to
pay the FDIC special assessment to recapitalize the SAIF.  Pretax earnings for
the third quarter of 1996 would have been $2.5 million without the special
assessment, an increase of $217,000 from pretax earnings of $2.3 million in
1995.  Earnings per share of common stock for the third quarter of 1996
decreased to $0.08, from $0.63 for the third quarter of 1995.  Net income for 
the nine months ended September 30, 1996 was $3.7 million, compared to
$4.7 million for the nine months ended September 30, 1995, while earnings per
share decreased to $1.39 for the first nine months of 1996, from $1.62 for the
first nine months of 1995.  The FDIC special assessment reduced earnings per
share by $0.60 for 1996.  Management expects that a reduction of the FDIC
assessment rate from 23 cents per $100 of deposits in 1996 to approximately 6.5
cents per $100 of deposits in 1997, would reduce deposit insurance premiums by
approximately $600,000 per year based on current levels of insured deposits.

     Return on average assets decreased to 0.17% for the third quarter of 1996,
from  1.48% for the same quarter last year.  Return on average assets before
the FDIC special assessment would have been 1.38% for the third quarter of
1996.  Return on average stockholders' equity for the third quarter of 1996 was
1.04%, compared to 8.76% for the same quarter last year.  ROE would have been
8.55% without the special assessment.  Return on average assets decreased to
0.99% for the first nine months of 1996, from 1.27% in the first nine months of
1995.  ROA would have been 1.41% without the special assessment.  Return on
average stockholders' equity  for the first nine months of 1996 was 5.99%,
compared to 7.68% in 1995.  ROE would have been 8.55% without the special
assessment.

NET INTEREST INCOME

     Net interest income for the third quarter of both 1996 and 1995 was $4.4
million.  The average yield on interest earning assets increased to 8.24%
during the third quarter of 1996, from 8.15% in 1995, while the average cost of
funds increased to 5.24%, from 5.23% for these same periods, resulting in an
increase in the rate spread to 3.00% in 1996, from 2.92% in 1995.  Net interest
income decreased by $659,000, to $13.5 million during the first nine months of
1996, compared to $14.2 million during the first nine months of 1995.  The
average yield on interest earning assets increased to 8.29% during the first
nine months of 1996, compared to 8.23% for the first nine months of 1995, while
the average cost of funds increased to 5.21% in 1996, from 4.91% in 1995,
resulting in a decrease in the rate spread to 3.08%, compared  to 3.32% last
year.

                                       11


<PAGE>   12
PROVISION FOR LOAN LOSSES

     The allowance for losses on loans is established through a provision for
losses on loans based on management's evaluation of the risk inherent in its
loan portfolio and general economic conditions.  Management's evaluation
includes a review of all loans on which full collectibility may not be
reasonably assured, the estimated fair value of the underlying collateral,
economic conditions, historical loan loss experience and the Company's internal
credit review process. The provision for losses on loans has been maintained at
$200,000 per quarter for 1996, the same as for 1995.  Charges to the allowance
for losses on loans of $73,000 were offset by recoveries of $73,000 during the
first nine months of 1996.  Net charges to the allowance for losses on loans
were $179,000 during the first nine months of 1995.  The allowance for losses
on loans increased to 1.47% of total loans at September 30, 1996, from 1.30% of
total loans at December 31, 1995.

OTHER INCOME

     Other income increased to $641,000 during the third quarter of 1996, from
$399,000 in the third quarter of 1995, primarily due to a $250,000 release fee
credited to miscellaneous income.  Other income increased to $2.3 million
during the first nine months of 1996, from $936,000 during the first nine
months of 1995, primarily due to a $1.0 million increase in income from limited
partnerships, a $179,000 decrease in losses on sales of real estate acquired
through foreclosure, and an $88,000 swing from losses to gains on sales of
securities.  The significant improvement in income from limited partnerships
comes primarily from the Company's investments in single family development
projects located in Illinois, although there has also been an improvement in
the performance of its Colorado investments.  Fees on loans sold decreased
$115,000, or 38.7%, to $182,000 in the first nine months of 1996, from $297,000
in the first nine months of 1995, primarily due to a $2.8 million, or 35.4%
decrease in loans sold in the secondary market.

OPERATING EXPENSES

     Operating expenses increased during the third quarter of 1996 to $4.7
million, from $2.3 million during the third quarter of 1995, primarily as the
result of the $2.3 million FDIC special assessment.  Operating expenses as a
percent of average assets increased to 3.78% (1.90% without the FDIC special
assessment) in the third quarter of 1996, from 1.86% in 1995.  During 1995 the
Company incurred significant legal expenses related to litigation involving
Florida loans, foreclosures and limited partnership investments which has not
been repeated in 1996.  Net non-interest expense as a percent of average assets
improved to 1.39% (before the FDIC special assessment) for the third quarter of
1996, from 1.54% for the third quarter of 1995. The Company's efficiency ratio
(adjusted) was 48.8% for the third quarter of 1996, compared to 50.8% in 1995.

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<PAGE>   13
     Operating expenses increased during the first nine months of 1996 to $9.9
million, from $7.7 million in the first nine months of 1995, primarily due to
the $2.3 million FDIC special assessment.  Operating expenses as a percent of
average assets increased to 2.64% in the first nine months of 1996, but
decreased to 2.02% before the special assessment,  from 2.05% in the first nine
months of 1995, primarily as the result of a $126,000 decrease in legal costs
and an $85,000 decrease in audit and exam expense.  Net non-interest expense as
a percent of average assets improved to 1.41% (before the FDIC special
assessment) for the first nine months of 1996, from 1.80% in the first nine
months of 1995, due to the increase in income from limited partnerships and the
decrease in legal, audit and exam expense.  The Company's efficiency ratio was
49.6% for the first nine months of 1996, compared to 52.7% in 1995.

INCOME TAXES

     During the third quarter of 1996 the Company accrued low income housing
tax credits in the amount of $62,000, and a dividends received deduction in the
amount of $136,000, which resulted in a net income tax benefit for the quarter.
During the third quarter of 1995 the Company revised its estimates of current
and deferred income tax liabilities, which resulted in a $367,000 credit to
income tax expense and reduced the effective tax rate from 34.2% to 17.9%.  For
the first nine months of 1996 and 1995 the effective income tax rates of 30.8%
and 31.0%, respectively, reflect the benefits of both low income housing tax
credits and the dividends received deduction.

LIQUIDITY AND CAPITAL RESOURCES

     The Company's primary sources of funds include deposits and Federal Home
Loan Bank advances, principal and interest payments on loans and securities,
maturing investment securities, and sales of securities from the
available-for-sale portfolio.  While maturities and scheduled amortization of
loans and mortgage-backed securities are a predictable source of funds, deposit
flows and mortgage prepayments are greatly influenced by interest rates,
general economic conditions, and competition.

     The primary investing activity of the Company is the origination and
purchase of mortgage loans and the purchase of securities.  During the first
nine months of 1996  the Company originated and purchased mortgage loans in the
amount of $62.1 million, compared to $50.5 million during the first nine months
of 1995.  During the first nine months of 1996 the Company purchased securities
in the amount of $26.6 million, compared to $29.1 million during the first nine
months of 1995.

     During the first nine months of 1996 and 1995, the Company increased its
deposit base by $5.4 million and $18.1 million, respectively, through a
combination of more aggressive rates and new products.  These funds, together
with funds from operations, loan repayments, and securities sales and
maturities, were used to repay maturing Federal Home Loan Bank advances a net
$18.3 million in 1996 and $23.2 million in 1995.

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<PAGE>   14
     Federal regulations require a savings institution to maintain an average
daily balance of liquid assets equal to at least 5% of the average daily
balance of its net withdrawable deposits and short term borrowings.  In
addition, short term liquid assets must constitute 1% of net withdrawable
deposits and short term borrowings.  Management has consistently maintained
levels in excess of the regulatory requirement.  The Association's average
liquidity ratios for the first nine months of 1996 and 1995 were 7.9% and 8.5%,
respectively.  The Association's average short term liquidity ratios for these
same periods were 2.1% and 2.9%, respectively.

     The Association is also required to maintain specific amounts of capital
pursuant to federal regulations.  As of September 30, 1996, the Association was
in compliance with all regulatory capital requirements, with tangible and core
capital of 10.5%, and risk-based capital of 17.6%, well above the requirements
of 1.5%, 3.0%, and 8.0%, respectively.

PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

     The Holding Company and the Association are not engaged in any legal
proceedings of a material nature at the present time.

ITEM 2.  CHANGES IN SECURITIES

     Not applicable.

ITEM 3.  DEFAULT UPON SENIOR SECURITIES

     Not applicable.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     Not applicable.

ITEM 5.  OTHER INFORMATION

     None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     At the September 24, 1996, Board of Directors meeting of the Registrant,
the Board of Directors terminated the service of Ernst & Young LLP as the
Registrant's independent certified public accountants.  There were no
disagreements between the Registrant and Ernst & Young LLP on any matter of
accounting principles or practice, financial statement disclosure, or auditing
scope or procedure.  On September 25, 1996,

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<PAGE>   15
the Registrant engaged the firm of Crowe, Chizek and Company LLP as independent
certified public accountants for the Registrant.  Form 8-K was filed on October
1, 1996 with the United States Securities and Exchange Commission.  Amendment
No. 1 to Form 8-K was filed on October 11, 1996.

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                               SIGNATURES

     Pursuant to the requirement of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereto duly authorized.


Date: November 8, 1996                 CALUMET BANCORP, INC.

                                       /s/Thaddeus Walczak
                                       -------------------------
                                       Thaddeus Walczak,
                                       Chairman of the Board and
                                       Chief Executive Officer

Date: November 8, 1996                 /s/John Garlanger
                                       -------------------------
                                       John Garlanger,
                                       Chief Financial Officer


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